“While many sector CEOs have reacted stoically to today’s announcement on FOBTs – in the case of Paddy Power, embracing this change on the grounds of responsibility and image – its impact on the industry landscape cannot be underestimated. The government has delivered a seismic challenge to the business model of the bookmakers, and a blow to shareholders, graphically illustrated by early indications of store closures and job losses. The strength of public sentiment seems to be with the government this time, and the sector must now, necessarily, seek to rebuild and fast. Innovating further into the digital space is key to the future health of Britain’s betting companies.”